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Goldman Sachs has agreed to acquire commercial real estate investor LCN Capital Partners in a transaction valued at up to USD 410 million. The deal includes around USD 260 million in upfront consideration and a further USD 150 million linked to future performance targets and service commitments, with about 80% of the total consideration to be paid in stock. LCN specialises in sale-leaseback and net-lease investments and was founded in 2011. The acquisition will expand Goldman Sachs Asset Management’s private real estate platform and strengthen its offerings for insurance, institutional and wealth management clients.
Goldman Sachs has agreed to acquire commercial real estate investment firm LCN Capital Partners for up to USD 410 million as the Wall Street bank expands its asset and wealth management business.
Under the agreement, Goldman Sachs will pay around USD 260 million upfront for LCN. A further payment of up to USD 150 million will depend on future performance targets and service commitments. Around 80% of the total consideration will be paid in stock.
LCN Capital Partners was founded by Edward V. LaPuma and Bryan York Colwell in 2011. The company focuses on commercial real estate investments, particularly sale-leaseback and net-lease transactions. In a net-lease arrangement, a tenant typically pays rent along with most or all property-related expenses such as taxes, insurance and maintenance.
The acquisition will give Goldman Sachs a larger presence in the sale-leaseback market. Under this model, companies sell their real estate assets to investors and lease the properties back, allowing businesses to raise capital while investors receive long-term rental income.
Goldman Sachs CEO David M. Solomon said LCN’s focus complements the firm's private real estate business and will expand its ability to serve insurance, institutional and wealth management clients.
LCN had around USD 3 billion in assets under supervision as of June 30, 2026, according to Goldman Sachs. Its investor base includes pension funds, insurance companies, family offices and high-net-worth investors.
The transaction is expected to close by the end of 2026, subject to regulatory approval and other customary closing conditions. Goldman Sachs Global Banking & Markets acted as financial adviser to Goldman Sachs, while RBC Capital Markets advised LCN.
Following completion, LCN’s team, including its co-founders, will become part of Goldman Sachs Asset Management’s real estate platform. The move will add LCN’s investment capabilities and relationships to Goldman Sachs’ existing private real estate operations.
The acquisition is Goldman Sachs’ second major deal in less than 10 days. The bank recently agreed to acquire ETF provider Neos Investments in a transaction valued at up to USD 2.25 billion. The latest acquisition comes as Goldman Sachs continues to expand its asset and wealth management operations.
Source Reuters
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